PORTLAND, Ore., July 21, 2020 /PRNewswire/ -- Schmitt
Industries, Inc. (NASDAQ: SMIT) (the "Company" or "Schmitt") today
announced the final results of its previously announced cash tender
offer to purchase up to $2.5 million
of Schmitt's common stock at a price per share not less than
$3.00 and not greater than
$3.25 (the "Offer"). The Offer
expired at 5:00 p.m., Eastern Time,
on Monday, July 20, 2020.
Based on the final count by Broadridge Corporate Issuer
Solutions, Inc., the depositary for the Offer, the Company has
accepted for purchase 72,159 shares of Schmitt's common stock, for
an aggregate cost of approximately $234,516.75, excluding fees and expenses relating
to the Offer. Since the Offer was not fully subscribed, no
proration was required and all shares validly tendered and not
withdrawn were accepted for purchase. The depositary will promptly
issue payment for the shares purchased.
The shares purchased represent approximately 1.9% of the
Company's common stock issued and outstanding as of July 20, 2020. Following consummation of the
Offer, the Company has 3,705,697 shares of common stock
outstanding.
Questions concerning the Offer may be directed at the
information agent, InvestorCom LLC, by telephone, at (877)
972-0090, or by mail addressed to InvestorCom LLC, 19 Old Kings
Highway S., Suite 210, Darien,
Connecticut 06820.
About Schmitt Industries
Schmitt Industries, Inc.,
founded in 1987, designs, manufactures and sells high precision
test and measurement products, solutions and services through its
Acuity® and Xact® product lines. Acuity provides laser and white
light sensor distance measurement and dimensional sizing products,
and our Xact line provides ultrasonic-based remote tank monitoring
products and related monitoring revenues for markets in the
Internet of Things environment.
Safe Harbor Statement
This document may contain
forward-looking statements made pursuant to the Private Securities
Litigation Reform Act of 1995. These statements are not guarantees
of future performance and involve risks and uncertainties that are
difficult to predict. Actual outcomes and results may differ
materially from what is expressed or forecasted in such
forward-looking statements due to numerous factors. A complete
discussion of the risks and uncertainties that may affect Schmitt's
business, including the business of its subsidiary, is included in
"Risk Factors" in the Company's most recent Annual Report on Form
10-K as filed by the Company with the Securities and Exchange
Commission.
Contact:
Schmitt Industries, Inc.
Michael R. Zapata
Chief Executive Officer
(503) 227-7908
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SOURCE Schmitt Industries, Inc.